PBOC Unveils New Method to Auction its One-Year Loans to Banks [Yahoo! Finance Canada]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The People's Bank of China announced in a statement that from Tuesday banks will be able to bid for different prices on its one-year loans. Qualified lenders will be able to pay different interest rates for the loan, which will come in a fixed amount each month, according to the statement. The shift will better meet the diversified need of financial institutions and maintain ample liquidity in the banking system, the PBOC said. The change comes as the PBOC moves to downplay the previous role of MLF as the main policy rate. Over the past year, the bank has shifted to a simpler framework, where the seven-day reverse repo rate has became the key lever to signal policy direction. “The fixed volume, auction by bids is another step taken to fade the role of MLF rate as a policy guidance,” said Frances Cheung, head of FX and rates strategy at Oversea-Chinese Banking Corp. “The cut-offs will now be determined by a price discovery process which will also help
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